rental reversions

Cache Logistics Trust poised to bounce back from weak 3Q19 as fundamentals remain sound

SINGAPORE (Oct 29): Analysts are positive that Cache Logistics Trust can find its footing again, after stumbling in 3Q19.

Cache reported an 11% drop in its distribution per unit (DPU) to 1.313 cents during the quarter, from 1.475 cents a year ago.

First REIT to continue enjoying boosts from Indonesian assets: OCBC

SINGAPORE (Dec 11): OCBC Investment Research is maintaining its “buy” call on First REIT with a  fair value estimate of $1.44, on expectations of an enlarged right of first refusal (ROFR) asset pool for accretive acquisitions.

This comes after the trust saw its hospital asset, PT Siloam International Hospitals TBK, register a healthy set of 3Q results as at end Sept, which saw gross operating revenue grow 21% y-o-y to Rp1.53 trillion ($32.1 billion) with increases for both inpatient and outpatient visits over the quarter.

Uncertainties remain for Frasers Commercial Trust after delivering marginal growth in 2Q

SINGAPORE (April 24): OCBC Investment Research is reiterating its “buy” call on Frasers Commercial Trust (FCOT) with an unchanged fair value estimate of $1.39 after the trust’s 2Q17 results met expectations, with DPU up 2.4% on-year at 2.51 cents.

To recap, FCOT’s net property income (NPI) growth for the quarter was largely driven by higher contribution from 357 Collins Street due to higher occupancy and rental rates achieved, appreciation of AUD relative to SGD, and a one-off payment received in relation to a termination of lease in Central Park.

Can CapitaLand Mall Trust withstand the prolonged retail headwinds?

SINGAPORE (April 21): OCBC Investment Research and RHB are reiterating their respective “buy” and “hold” calls with a fair value estimate of $2.20 and $2.07 target price, after the manager of CapitaLand Mall Trust (CMT) reported a 1Q17 distribution per unit (DPU) of 2.73 cents, unchanged from a year ago.   

What will hold this retail REIT steady amid a dismal outlook?

SINGAPORE (Jan 5): RHB is maintaining its “buy” call on Frasers Centrepoint Trust (FCT) with a target price of $2.22 despite foreseeing a challenging retail outlook for 2017, as the research house is confident in the REIT’s management as well as suburban mall portfolio.

New lease of positivity on Lippo Malls Trust in FY17

SINGAPORE (Nov 15): OCBC Investment Research has maintained its “buy” call on Lippo Malls Indonesia Retail Trust (LMIRT) with an unchanged fair value of 40 cents

In a Monday report, lead analyst Deborah Ong highlights the trust’s recent set of “strong results” in 3Q16 with gross revenue, net property income (NPI) and DPU increasing y-o-y by 6.6%, 7.6% and 11.7% respectively.

This trust still has plenty of room to grow in India

SINGAPORE (Oct 27): DBS Group Research is maintaining its “buy” rating on Ascendas India Trust with a higher target price of $1.13 despite declaring a 2Q DPU of 1.37 cents, unchanged from a year ago due to the depreciation of the IDR against the SGD.

What could nudge SPH REIT’s unit price higher?

SINGAPORE (Oct 10): CIMB has raised its target price on SPH REIT to $1.05 from $1.03 previously, while maintaining its “hold” rating based on limited upside.

In a Friday note, analysts Lock Mun Yee and Yeo Zhi Bin say SPH REIT’s acquisition of Seletar Mall is likely be a share price catalyst in the medium-term, while the ongoing asset enhancement initiatives (AEIs) should lift its revenue marginally over the next two years.

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